Economic Security to Create Good Paying Jobs Here in Iowa
The economy cannot grow with ballooning deficits, expanding government and the probability of increased taxes and regulation. No more Wall St. bailouts, no special closed door deals for states or unions, no government takeover of health care and no more hidden earmarks. We need tax reform that is simple and flat, a balanced budget amendment, restrained government spending and reducing debt to ensure our exceptional past secures an extraordinary future.
The most important task at hand for Congress is creating good paying jobs. With high levels of unemployment across the district, particularly in the southeastern tier of Iowa, we need to do everything possible to get businesses growing again. That cannot be achieved when Washington is sending strong signals that job creators will be subject to higher taxes and more regulation.
As an eye doctor, running a business, meeting a budget and dealing first hand with the financial and regulatory burdens placed on job creators, I know the best economic stimulus is putting more money in the pockets of families and businesses.
That's why I support a payroll tax holiday which would provide an immediate and direct increase to worker's paychecks that will boost our local economy by stimulating demand. I also support the extension of the 2003 tax cuts, particularly related to business and lower income brackets which expire at the end of 2010. Depreciation for capital expenditures should be immediate which motivates businesses to purchase new equipment.
The corporate tax rate in the United States is currently the second highest in the world, and as of 2008, Iowa also had the highest corporate state tax in the country - compounding our already poor economic position. We need to seriously explore cutting this federal tax rate from 35% down to 20%, or more, to unleash a tidal wave of new economic activity, resulting in millions of new good paying jobs and fantastic technological innovations that put us on a strong path to a brighter economic future, That's how we put Iowa back to work and level the playing field with countries like China.
Had I been in Congress, I would have opposed the secret, 1,000 page federal "stimulus" package that Congress didn't have enough time to read, because it simply taxed too much, spent too much, and borrowed too much. Over $100 million per day will be spent over the remaining nine years to pay the interest alone, a staggering number for a program that has failed to curb unemployment. Additionally, only 23% of the money was spent last year, when the economy was in desperate need of a jolt.
Economic security is based on other important measures as well: a bi-partisan commitment to the immediate development of our own domestic energy resources that bring down the cost of doing business; health care reform that doesn't break the backs of job creators or families; and free and fair trade that enables American businesses and manufacturers to compete on a level playing field. Increasing the manufacturing sector should be an economic imperative to provide good paying jobs and strengthen Iowa's middle class.
I would also oppose legislation to remove a secret ballot when forming a union, otherwise known as "card check." While I support the right of employees to form a union, it must be done voluntarily, free of coercion and undue influence from organizers. If passed, "card check" would further hurt the jobs climate in Iowa.